• @Thann@lemmy.mlOP
    link
    fedilink
    4
    edit-2
    2 years ago

    SEC claims that Musk defrauded investors on Aug. 7, 2018, by posting on Twitter that he had “funding secured” to take the company private. The SEC said at the time his funding tweets “lacked an adequate basis in fact.”

    Musk said he felt forced to settle with the SEC because banks threatened to cease providing capital if he did not do so, which would have made Tesla bankrupt immediately.

    “I was forced to admit that I lied to save Tesla’s life and that’s the only reason,” Musk added.

    He claims to have had funding but that he had to admit to lying about having it or else he would have lost his funding…

    • @pingveno@lemmy.ml
      link
      fedilink
      32 years ago

      Something smells Musky. Being accountable for lying to people who have essentially entrusted him with their money? Buzz off bastards! I wonder if this isn’t part of why he’s been a little finicky about being on Twitter’s board of directors. Then he grows a fiduciary duty towards them as well.